Third-Party
OZBARGAIN16
Are you on a 3%+ interest rate? Chances are we can get you a rate which is very close to 2.00% or even slightly under, with up to $6k cashback from the bank/lender, plus an extra cashback from us (your mortgage broker), calculated at 0.16% of your net loan amount.
To save you using a calculator, the 0.16% extra cashback is as follows:
- $250k loan = $400
- $500k loan = $800
- $750k loan = $1200
- $1m loan = $1600
Other terms and conditions of our extra broker cashback:
- Please quote OZBARGAIN16 when you contact us.
- You need to still have the loan until the end of the lender's commission clawback/refund period, which is either 18 or 24 months.
- The broker cashback will be paid after the expiry of the lender's commission clawback period.
- The loan amount applicable will be based on the lender's commission calculation method, which is generally the amount net of redraw & offset.
- Applicable if you contact us in April 2022 and complete application is submitted in April 2022.
- Applicable for either (refinance) or (property purchase), but we will deduct $100 for each additional application or pre-approval extension for the same property.
What about the bank/lender's offers?
Some banks/lenders are offering $2k-$6k cashbacks and you'll get them typically within 1-3 months.
There are often some trade-offs between interest rate and loan features, maximum loan amount, ability for the lender to approve your specific scenario, or the amount of documents/admin work required from you.
But below are some of our CHEAPEST LENDERS (as of the morning 1 April 2022) (still have some decent fixed rates but they're disappearing soon):
TEACHERS MUTUAL BANK/UNIBANK:
- 2.59% owner occupied P&I 2-year fixed rate (2.76% comparison rate)
- 2.89% invesment P&I 2-year fixed rate (3.05% comparison rate)
- 3.29% invesment I/O 2-year fixed rate (3.11% comparison rate)
- $0 lender cashback (you still get the broker cashback from us)
- LVR 80%
MYLOAN ELECT:
- 2.79% owner occupied P&I 2-year fixed rate (2.24% comparison rate)
- 2.99% invesment P&I 2-year fixed rate (2.57% comparison rate)
- 3.09% invesment I/O 2-year fixed rate (2.67% comparison rate)
- $0 lender cashback (you still get the broker cashback from us)
- LVR 80%
SUNCORP:
- 3.18% owner occupied P&I 2-year fixed rate (2.85% comparison rate)
- 3.29% investment P&I 2-year fixed rate (3.05% comparison rate)
- 3.49% investment I/O 2-year fixed rate (3.06% comparison rate based on 5-year I/O)
- 2.02% owner occupied P&I variable rate (2.03% comparison rate)
- 2.25% investment P&I variable rate (2.26% comparison rate)
- 2.59% investment I/O variable rate (2.38% comparison rate based on 5-year I/O)
- $3k lender cashback ($750k+ loan)
- Applicable for refinance or property purchase
- LVR 70% for the rate, 90% for the lender cashback
- Apply by 29 April 2022, settle by 29 July 2022, unless withdrawn prior
ST.GEORGE/BANK OF MELBOURNE/BANKSA:
- 3.24% owner occupied P&I 2-year fixed rate (3.62% comparison rate)
- 3.39% investment P&I 2-year fixed rate (4.09% comparison rate)
- 3.44% investment I/O 2-year fixed rate (4.33% comparison rate)
- 2.09% owner occupied P&I variable rate (2.11% comparison rate)
- 2.49% investment P&I variable rate (2.51% comparison rate)
- 2.69% investment I/O variable rate (2.71% comparison rate)
- $4k lender cashback ($250k+ loan)
- Applicable for refinance only
- LVR 80% for both the rate and lender cashback
- Apply by 31 May 2022, settle by 31 August 2022, unless withdrawn prior
CITIBANK:
- 1.99% owner occupied P&I variable rate (2.04% comparison rate)
- 2.21% investment P&I variable rate (2.26% comparison rate)
- 2.58% investment I/O variable rate (2.63% comparison rate)
- $3k-$6k lender cashback ($6k $1m+ loan, $4k $750k+ loan, $3k $350k+ loan)
- Applicable for refinance or property purchase
- LVR 80% for the rate, can be higher for the lender cashback
- Apply by 30 April 2022, settle by 31 July 2022, unless withdrawn prior
ANZ:
- 2.19% owner occupied P&I variable rate (2.23% comparison rate)
- 2.49% investment P&I variable rate (2.53% comparison rate)
- 2.89% investment I/O variable rate (2.67% comparison rate based on 5-year I/O)
- $4k lender cashback ($250k+ loan)
- Applicable for refinance only
- LVR 70% for the rate, 80% for the lender cashback
- Apply by 29 April 2022, settle by 31 July 2022, unless withdrawn prior
ME BANK:
- 2.04%+ owner occupied P&I variable rate (2.51%+ comparison rate)
- 2.54%+ investment P&I variable rate (3.00%+ comparison rate)
- 2.69%+ investment I/O variable rate (3.31%+ comparison rate)
- Interest rate depends on loan amount & LVR, the above are for $700k+ loan at 50% LVR
- $3k lender cashback "per property" ($250k+ loan per property)
- Applicable for refinance only
- LVR 80% for the lender cashback
- Apply by 30 May 2022, settle by 31 August 2022, unless withdrawn prior
AMP:
- 2.22% owner occupied P&I variable rate (2.25% comparison rate)
- 2.34% investment P&I variable rate (2.76% comparison rate)
- $3k lender cashback ($250k+ loan)
- Applicable for property purchase only, with P&I repayment, either as purely variable rate loan or split with a fixed rate loan
- LVR 80% for the rate, can be higher for the lender cashback
- Apply by 31 May 2022, settle by 31 August 2022, unless withdrawn prior
What is a comparison rate?
Comparison rate is based on a $150,000 loan over 25 years, where the lender's ongoing fees & one-off fees are divided by $150,000 to obtain a percentage figure. If your loan is much bigger than $150k, your effective percentage rate will be much lower than the comparison rate.
On a fixed rate product, comparison rate also assumes that you never re-negotiate your rate after the end of your fixed rate period. In practice, you can often get a lower variable rate or go on another competitive fixed rate after the end of your initial fixed rate period.
Please note that fixed rates may change up until your settlement day, unless you pay a Rate Lock fee upfront when submitting the application (typically 0.15% of the loan amount).
The majority of the products above only have redraw facility.
Offset account is available on a different product, the rate may be higher and a monthly or annual fee may apply.
Please contact us with your specific scenario for details.
Additional cashback terms and conditions apply as determined by the lender. Typically you cannot have received a cashback from the lender within the previous 12 months. Cashback applies per customer group, except for ME Bank where the cashback can be paid per property if you meet the minimum loan amount per property.
We look forward to helping you save money, or buy a property!
Arman Soetanto
M: 0431 825 128
E: [email protected]
W: www.lendingclinic.com.au
Lending Clinic Pty Ltd (Credit Representative Number 511270) is authorised under Australian Credit Licence Number 384704
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